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IEA unclear on oil reserve growth

Posted on 27 October 2010

From Rigzone.com: Recent increases in oil reserves in Iraq, Iran and Venezuela are “good news,” but it remains unclear whether they will contribute to future supply, Nobuo Tanaka, executive director of the International Energy Agency, or IEA, said.
“To have more reserves is certainly good news, because it gives us a more precise prediction of costs and necessary investments,” Tanaka told Dow Jones Newswires at an energy conference in Moscow. “But the issue is how much investments will happen to develop these reserves, how this will increase production capacity……………………………………….Full Article: Source


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